Investor Q&A

Answers to Common Questions About Investing in Chevron

How can I purchase Chevron stock?

Shares of Chevron stock can be purchased directly through our stock transfer agent, Computershare (+1 800.368.8357). You may purchase shares directly from the Computershare website, from a broker or from another stockholder.

What is a stock transfer agent?

A stock transfer agent manages and maintains the records of a company's shares. The agent issues and cancels stock to reflect changes in ownership and handle lost, destroyed or stolen certificates. The transfer agent also determines the stockholders of record, ensures all stocks are properly accounted for and that dividend payments are made to stockholders of record.
The transfer agent does not maintain records of shares bought and sold through brokerage accounts. (Such stock is said to be held in "street name.") Those records are maintained by the brokerage firms through which the shares are bought and sold.

Does Chevron have a dividend reinvestment program?

Yes, Chevron has a dividend reinvestment program administered by our stock transfer agent, Computershare (+1 800.368.8357). Many brokers have similar programs.

What is the stock symbol and CUSIP number for Chevron shares?

The Chevron stock symbol is CVX and the CUSIP number is 166764 10 0. (CUSIP stands for Committee on Uniform Security Identification Procedures, an American Bankers Association entity that developed a system to uniquely identify securities trading in the United States.) Chevron shares are listed on the New York exchange.

What is Chevron's dividend policy?

Chevron has a long history of paying quarterly dividends to their stockholders. Chevron's Board of Directors reviews the dividend level regularly. There is no formal dividend policy, and payment of a dividend is solely at the Board's discretion. The Board is guided by a series of factors in making its decision regarding the timing and amount of dividend payments. The factors considered include balancing cash flow, investment needs and the future financial strength of the corporation. In addition, the desires of stockholders for larger dividends and Chevron's goal to provide superior returns are considered.

A history of past dividends payments can be found on the Investor Relations Dividend Information page.

Where can a potential investor get information about Chevron?

The Investor Center here on the Chevron website provides a wide range of information, including annual reports, annual report supplements, and other financial and operational data. Visitors to the site may use our Information Request service to obtain printed materials.

Where can I get a copy of the proxy statement?

How can I get a copy of the materials filed with the Securities Exchange Commission (SEC)?

Chevron's SEC filings are made available over the Internet by various service providers, or you can search and download the information from our SEC Filings page. If you require a printed copy, you can contact us through our Information Request page.

When is your next earnings release and conference call?

Chevron releases its quarterly results and schedules security analyst conference calls approximately 30 days after the end of each quarter. The exact timing may vary. To be notified of the date of the earnings release, conference call and other upcoming investor events, you can subscribe to our Investor Events email alert system.

How can individual investors listen to your earnings conference call with analysts?

Chevron provides webcasts of these conference calls to ensure that all investors have timely and equal access to company information. To hear the conference call, visit the Investor Relations page and follow the instructions. You must have Windows Media Player or QuickTime installed on your computer.

Who are Chevron's competitors?

Chevron considers its primary competitors to be the major international integrated petroleum companies: ExxonMobil, Royal Dutch Shell, BP, and Total. Although Chevron is an international company, it also competes with regional and independent companies, such as Anadarko and Valero.

Who is on Chevron's Board?

Biographies of Chevron's directors and related information can be found on the Board of Directors page under About Chevron.

Who are the corporate officers of Chevron?

Biographies of Chevron's corporate officers and related information can be found on the Executive Committee page under About Chevron.

What is Chevron's credit rating?

Chevron currently maintains the following credit rating:

Credit Rating

Long-Term Debt

Standard & Poor's

AA (Senior Implied)

Moody's

Aa1 (Guarantor)

How can I be notified when new information about Chevron is available?

You can subscribe to Chevron's email alert system in the Investor Relations section of this website. The system provides various notification options regarding information on the company's operations and financial performance. Examples include SEC filings, press releases, financial information and upcoming events for the investment community.

What was the effective date for no longer issuing stock certificates?

If Chevron is no longer issuing stock certificates, how will I receive new shares of Chevron stock that I purchase?

Chevron is using the Direct Registration System (DRS). Your Chevron shares are registered electronically on the records of the Corporation through DRS in an account maintained by Computershare, our stock transfer agent. Chevron made this change to DRS pursuant to a Delaware law regarding securities issued by public companies. Delaware law permits corporations incorporated in Delaware to issue stock only in book-entry or uncertificated form. DRS is a form of "book-entry" ownership. You will receive periodic statements from Computershare indicating the number and value of the Chevron shares you own and any transactions that you have made. Additionally, you may access your Chevron account at the Computershare website or by calling +1 800.368.8357.

Is book-entry safe?

Book-entry is the security industry's preferred method of security ownership and is used for all U.S. Treasury bills, bonds, notes, U.S. Government Agency securities, and for all mutual funds. DRS allows you to provide trading instructions in a quick and efficient manner, and lets you avoid the risk of holding a stock certificate that might be lost, stolen, or destroyed. The process to replace a lost stock certificate requires you to purchase a surety bond and complete an affidavit, which can be costly and time consuming.

What should I do with my certificates that I have?

Do not destroy any Chevron Corporation, ChevronTexaco Corporation, or Standard Oil Company of California certificates that you have. These are still valid and should be kept with your other certificates in a secure place. If you prefer, you can convert your stock certificate holdings into a DRS account by contacting Computershare.

Were all stock certificate holdings converted to book-entry holdings on August 1, 2005?

No. Your paper stock certificate holdings were not automatically transferred into your DRS account. You will need to provide your stock certificates to Computershare when you transfer or sell any shares of Chevron stock held in a paper certificated form. If you prefer, you can convert your stock certificate holdings into a DRS account by contacting Computershare.

Prior to August 1, 2005, were many registered Chevron stockholders already in book-entry form?

Prior to August 1, 2005, many registered holders of Chevron held their stock in book-entry form. The dividend reinvestment feature of Computershare's Shareowner Services Program requires stock to be held in book-entry form.

What do I do if I want to sell my book-entry shares?

You can sell your book-entry shares at any time through a broker, or by contacting Computershare pursuant to the terms of the Computershare Investment Plan for Chevron stock administered by Computershare. You can conveniently sell your book-entry shares without the need to search for any paperwork, as the shares are electronically registered on the books of the Corporation.

What do I do if I still have Unocal shares?

You should exchange your Unocal shares for Chevron shares. As a result of the merger, Unocal shares are no longer traded on any exchange. You need to contact Computershare at 1-800-368-8357 to exchange your Unocal shares and receive Chevron shares:

What do I do if I cannot locate my Unocal stock certificate(s)?

You can still exchange your Unocal shares. Contact Computershare at +1 800.368.8357 for assistance.

How many Chevron shares will I receive?

Unocal stockholders who need to exchange their shares will receive 0.618 of a share of Chevron common stock and $27.60 in cash for each share of Unocal common stock.

What happens if I do not exchange my Unocal shares?

Unocal shares are no longer traded on any exchange. If you do not exchange your Unocal shares, your assets will be turned over to the state your shares are registered to under the abandoned property laws and you must deal directly with the appropriate state to reclaim your assets.

Where can I find information regarding the tax consequences of the Chevron-Unocal merger?

Stockholders are urged to consult with their tax advisors regarding the tax consequences of the merger to them, including the effects of United States federal, state and local, foreign and other tax laws. You may want to read the section "Material Federal Income Tax Consequences of the Merger" in the June 29, 2005 proxy statement/prospectus that Unocal Corporation provided to Unocal Stockholders.

In addition, the final results for the merger consideration elections received by Unocal stockholders are as follows:

Cash Elections: Unocal stockholders who validly elected to receive all cash will receive $29.755634 in cash and 0.58582169 of a share of Chevron common stock for each share of Unocal common stock with respect to which that election was made;

Stock Elections: Unocal stockholders who validly elected to receive all Chevron common stock will receive 1.03 shares of Chevron common stock for each share of Unocal common stock with respect to which that election was made;

Mixed Elections: Unocal stockholders who validly elected the mixed election will receive 0.618 of a share of Chevron common stock and $27.60 in cash for each share of Unocal common stock; and

Non-Elections: Unocal stockholders who did not make a valid election will receive 0.618 of a share of Chevron common stock and $27.60 in cash for each share of Unocal common stock.